ONEOK (OKE) is trading higher today after posting stronger first-quarter 2026 results and lifting full-year 2026 financial guidance. The company reported net income of $776 million ($1.23 per diluted share) and adjusted EBITDA of about $2.0 billion, both up versus the year-ago quarter, and said momentum late in Q1 supported a higher outlook for the year.

For Q1 2026, ONEOK highlighted a 12% increase in net income and a 13% increase in adjusted EBITDA, alongside volume gains including a 15% increase in NGL raw feed throughput and a 12% increase in refined products volumes shipped. For 2026, ONEOK raised guidance to midpoints of about $3.5 billion net income, $5.53 EPS and $8.25 billion adjusted EBITDA, while keeping total 2026 capital expenditure guidance unchanged at approximately $2.7 billion to $3.2 billion.

Management pointed to higher NGL, natural gas processing and refined products volumes, as well as stronger natural gas firm transportation earnings, plus increased optimization and marketing activity across its Natural Gas Pipelines and Natural Gas Liquids segments. The quarter also benefited from favorable regional price differentials in natural gas markets, and the company cited a more constructive market environment beginning late in the first quarter as a factor behind raising full-year expectations.

In April 2026, ONEOK redeemed the remaining $491 million of 4.85% senior notes due July 2026 and entered into a $1.2 billion term loan agreement. The company also declared a quarterly dividend of $1.07 per share ($4.28 annualized), keeping income investors focused on whether the higher guidance translates into faster deleveraging and sustained dividend growth.